Real Estate
Brookfield’s Defaulted Los Angeles Office Tower Is Selling at Major Discount
- South Korean investment firm Consus to buy 777 S. Figueroa St.
- Purchase price of $145 million is 50% below building’s debt
A Los Angeles office building that Brookfield Asset Management Ltd. defaulted on is being sold for about 50% less than the outstanding debt on the tower.
Consus Asset Management, a South Korea-based investment firm, agreed to purchase the tower at 777 S. Figueroa St. for about $145 million, according to a person with direct knowledge of the deal who asked not to be identified citing private details. Brookfield had about $289 million of debt on the building when it notified investors of a default, according to a February 2023 filing.